When key parts of the health care law took effect in 2014, a new way to buy health insurance was created: the Health Insurance Marketplace. To assist you as you evaluate options for you and your family, this notice provides some basic information about the new Marketplace and employment based health coverage offered by McLeod.
What Is The Health Insurance Marketplace?
The Marketplace is designed to help you find health insurance that meets your needs and fits your budget. The Marketplace offers “one-stop shopping” to find and compare private health insurance options. You may also be eligible for a new kind of tax credit that lowers your monthly premium right away. Open enrollment for health insurance coverage through the Marketplace begins in October for coverage starting as early as January 1st.
Can I Save Money On My Health Insurance Premiums In The Marketplace?
You may qualify to save money and lower your monthly premium, but only if McLeod does not offer coverage, or offers coverage that does not meet certain standards. The savings on your premium that you are eligible for depends on your household income.
Does McLeod Health’s Coverage Affect Eligibility For Premium Savings Through The Marketplace?
Yes. If you are in a full-time benefits-eligible position and have an offer of health coverage from McLeod, you may not be eligible for a tax credit through the Marketplace and may wish to enroll in a McLeod plan. However, you may be eligible for a tax credit that lowers your monthly premium or a reduction in certain cost-sharing if:
- McLeod does not offer coverage to you at all.
- The cost of a plan from McLeod that would cover you (and not any other members of your family) is more than 9.5% of your household income for the year.
- The coverage McLeod provides does not meet the “minimum value” standard set by the Affordable Care Act.
McLeod contributes almost 80% of the actual cost of employee only coverage for employees in a benefits-eligible full-time position and therefore meets the “minimum value standard”, which requires that McLeod share in the cost of coverage and that it be no less than 60% of costs. McLeod strives, and it is our intention, to make the cost of coverage to you affordable, based on your wages.
Note: If you purchase a health plan through the Marketplace instead of accepting health coverage offered by McLeod, you will lose the share of the insurance cost paid by McLeod and potentially your ability to purchase insurance through McLeod. REMEMBER that you must make any elections or changes during the McLeod Open Enrollment period each year or within 31 days of becoming eligible for benefits or from having a qualifying event occur. Please review the McLeod Benefits Site or contact the contact Businessolver at 844-436-7172 for qualifying event rules. If you purchase through the Marketplace, you will also lose the tax savings that you have by purchasing insurance through McLeod on a before-tax basis.
How Can I Get More Information?
For more information about coverage offered by McLeod, please review the Summary Plan Descriptions or contact the HR Service Center at 843-777-2595. More information can be obtained by visiting the Benefits section of Smart@Work On-line located in the center panel of the Compass.
The Marketplace can help you evaluate your coverage options, including your eligibility for coverage through the Marketplace and its cost. Please visit HealthCare.gov for more information, including an online application for health insurance coverage and contact information for a Health Insurance Marketplace in your area.